The Hail Mary all cash offer

[bearishgurl]

[quote=walterwhite]I’m not laying it out clearly. This was definitely over 1 million, 5 years ago finished, probably 1.2 million.

asking is 400,000 as a shell.

I’m not saying a flipper would buy it for 400. but they might for 200. maybe.

I’m proposing offer 220. Camp for a few years. We can add luxuries like showers and such as we go.[/quote]

scaredy, if the property is custom and not tract, $220K seems a little low. Why are you opposed to taking out a small purchase $$ loan . . . even $150K? At this price range, I think I would want to preserve some cash to get the indoor plumbing working immediately – with or without a family.

[scaredyclassic]

I’m told it cannot be financed. But I guess I could get a construction loan? Would the bank selling it consider lending me money?

I was only referring to flippers in terms of who I think other likely potential buyers are, and what they might be willing to pay, not that this is a sure thing or anything of the kind.

Frankly, I am hoping that many flippers get severly burnt, it irritates me to see thrashed houses get picked up for cash and flipped quickly for tidy bundles,mainly because it’s not me making the tidy bundle.

But this one is definitely not that kind of flip, this is a scary flip ina downward market, lots of work, limited saleability, expensive post-flip, and requires acertain type of buyer in short demand. This would be a flip only for the brave flipper, the flipper with massive cojones.

[scaredyclassic]

I’m told it cannot be financed. But I guess I could get a construction loan? Would the bank selling it consider lending me money?

I was only referring to flippers in terms of who I think other likely potential buyers are, and what they might be willing to pay, not that this is a sure thing or anything of the kind.

Frankly, I am hoping that many flippers get severly burnt, it irritates me to see thrashed houses get picked up for cash and flipped quickly for tidy bundles,mainly because it’s not me making the tidy bundle.

But this one is definitely not that kind of flip, this is a scary flip ina downward market, lots of work, limited saleability, expensive post-flip, and requires acertain type of buyer in short demand. This would be a flip only for the brave flipper, the flipper with massive cojones.

[scaredyclassic]

I’m told it cannot be financed. But I guess I could get a construction loan? Would the bank selling it consider lending me money?

I was only referring to flippers in terms of who I think other likely potential buyers are, and what they might be willing to pay, not that this is a sure thing or anything of the kind.

Frankly, I am hoping that many flippers get severly burnt, it irritates me to see thrashed houses get picked up for cash and flipped quickly for tidy bundles,mainly because it’s not me making the tidy bundle.

But this one is definitely not that kind of flip, this is a scary flip ina downward market, lots of work, limited saleability, expensive post-flip, and requires acertain type of buyer in short demand. This would be a flip only for the brave flipper, the flipper with massive cojones.

[scaredyclassic]

I’m told it cannot be financed. But I guess I could get a construction loan? Would the bank selling it consider lending me money?

I was only referring to flippers in terms of who I think other likely potential buyers are, and what they might be willing to pay, not that this is a sure thing or anything of the kind.

Frankly, I am hoping that many flippers get severly burnt, it irritates me to see thrashed houses get picked up for cash and flipped quickly for tidy bundles,mainly because it’s not me making the tidy bundle.

But this one is definitely not that kind of flip, this is a scary flip ina downward market, lots of work, limited saleability, expensive post-flip, and requires acertain type of buyer in short demand. This would be a flip only for the brave flipper, the flipper with massive cojones.

[scaredyclassic]

I’m told it cannot be financed. But I guess I could get a construction loan? Would the bank selling it consider lending me money?

I was only referring to flippers in terms of who I think other likely potential buyers are, and what they might be willing to pay, not that this is a sure thing or anything of the kind.

Frankly, I am hoping that many flippers get severly burnt, it irritates me to see thrashed houses get picked up for cash and flipped quickly for tidy bundles,mainly because it’s not me making the tidy bundle.

But this one is definitely not that kind of flip, this is a scary flip ina downward market, lots of work, limited saleability, expensive post-flip, and requires acertain type of buyer in short demand. This would be a flip only for the brave flipper, the flipper with massive cojones.

[scaredyclassic]

by the way, you guys are so nice for talking to me in detail about this!

[scaredyclassic]

by the way, you guys are so nice for talking to me in detail about this!

[scaredyclassic]

by the way, you guys are so nice for talking to me in detail about this!

[scaredyclassic]

by the way, you guys are so nice for talking to me in detail about this!

[scaredyclassic]

by the way, you guys are so nice for talking to me in detail about this!

[bearishgurl]

[quote=walterwhite]I’m told it cannot be financed. But I guess I could get a construction loan? Would the bank selling it consider lending me money?
[/quote]

Yes, scaredy, you will need to stay away from FNMA and FDMC. If you are a good bank customer, your OWN bank may have a construction loan available that they will keep in their portfolio. Some are convertible as “take-out” loans and will still qualify as a non-recourse (purchase $$) loan if you choose to exercise that (no or low-cost) option. It sounds like you will only need $50K to $125K.

However, if your prospective “scary fixer” is on a tract with less than a one AC lot, I would keep looking for a custom on 1+ AC that could be partially financed, if I were you. Here, you will derive much more sweat-equity from all your inconvenience you will have to live thru it getting the property up to marketability, should the need arise to sell it.

[bearishgurl]

[quote=walterwhite]I’m told it cannot be financed. But I guess I could get a construction loan? Would the bank selling it consider lending me money?
[/quote]

Yes, scaredy, you will need to stay away from FNMA and FDMC. If you are a good bank customer, your OWN bank may have a construction loan available that they will keep in their portfolio. Some are convertible as “take-out” loans and will still qualify as a non-recourse (purchase $$) loan if you choose to exercise that (no or low-cost) option. It sounds like you will only need $50K to $125K.

However, if your prospective “scary fixer” is on a tract with less than a one AC lot, I would keep looking for a custom on 1+ AC that could be partially financed, if I were you. Here, you will derive much more sweat-equity from all your inconvenience you will have to live thru it getting the property up to marketability, should the need arise to sell it.

[bearishgurl]

[quote=walterwhite]I’m told it cannot be financed. But I guess I could get a construction loan? Would the bank selling it consider lending me money?
[/quote]

Yes, scaredy, you will need to stay away from FNMA and FDMC. If you are a good bank customer, your OWN bank may have a construction loan available that they will keep in their portfolio. Some are convertible as “take-out” loans and will still qualify as a non-recourse (purchase $$) loan if you choose to exercise that (no or low-cost) option. It sounds like you will only need $50K to $125K.

However, if your prospective “scary fixer” is on a tract with less than a one AC lot, I would keep looking for a custom on 1+ AC that could be partially financed, if I were you. Here, you will derive much more sweat-equity from all your inconvenience you will have to live thru it getting the property up to marketability, should the need arise to sell it.

[bearishgurl]

[quote=walterwhite]I’m told it cannot be financed. But I guess I could get a construction loan? Would the bank selling it consider lending me money?
[/quote]

Yes, scaredy, you will need to stay away from FNMA and FDMC. If you are a good bank customer, your OWN bank may have a construction loan available that they will keep in their portfolio. Some are convertible as “take-out” loans and will still qualify as a non-recourse (purchase $$) loan if you choose to exercise that (no or low-cost) option. It sounds like you will only need $50K to $125K.

However, if your prospective “scary fixer” is on a tract with less than a one AC lot, I would keep looking for a custom on 1+ AC that could be partially financed, if I were you. Here, you will derive much more sweat-equity from all your inconvenience you will have to live thru it getting the property up to marketability, should the need arise to sell it.

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